CIMA Quarterly Report discusses Legislative Developments
Previously, it was discussed that CIMA released the quarterly report revealing that the jurisdiction remains at the head of the offshore funds world and maintains its position as the 2nd-largest offshore insurance domicile.
However, the report paid attention also to discussing legislative developments during the quarter under review. These included an amendment to the Monetary Authority Law (MAL) that was passed by the Legislative Assembly on December 13 2007.
The Monetary Authority Law (MAL) clarifies and extends the Authority’s powers to disclose information to other regulatory authorities responding to requests for assistance from the authorities.
The report specifically discussed the amendment to section 50 of the MAL as it removes the distinction between routine and non-routine requests, and the corresponding referrals to the Attorney General and the Financial Secretary.
It also allows CIMA to agree to the use of information provided pursuant to a regulatory request for assistance in certain criminal proceedings or investigations. Previously, the law did not enable CIMA to consent to the use of information it provided to overseas regulators without the consent of the Financial Secretary and the Attorney General.
The decision to make amendments as regards section 50 was the result of ongoing discussions between CIMA and the International Organization of Securities Commissions (IOSCO) on the Cayman Islands’ provision for cooperation with international regulators.